Aston Martin may seek Kuwait aid
The Kuwaiti Islamic investment firm, owned by Aston Martin, may prepare itself for the state legal protection aid as it is struggling with its debt to pay off its creditors bills.
The firm owns half of British luxury car maker Aston Martin in its bounty.
According to the officials, the firm is considering the options of aid from the Gulf state's financial stability law. The firm has further lost the attempt to win over its minority of investors for its restructuring plan. Now the firm plans to utilize, which might entail the majority investors to support it with its restructuring plans.
Chairman and Chief Executive Adnan al-Musallam expressed that the opportunity to enter into the financial stability law will make the Investment Dar to execute the restructuring ideas, which will be in the interests of its stakeholders only.
The firm earlier announced that it is facing the default of $100 million sukuk.
However till now the company has gathered the support from 80% banks and investors for its restructuring mission, which the firm has agreed that it shall repay the same in full to all its banks and investors.